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Former Binance CEO Changpeng Zhao has once again been barred from leaving the U.S. while awaiting his sentence for violations of banking laws. U.S. District Judge Richard A. Jones refused Zhao’s second request for travel liberty at a recent hearing in Seattle. The details of Zhao’s intended journey remain under wraps as part of the case U.S. v. Zhao, in the U.S. District Court, Western District of Washington. Former Binance CEO Changpeng Zhao was blocked again from traveling as his sentencing for criminal charges approaches in late February. The U.S. District Court for the Western District of Washington in Seattle denied Zhao’s “request for permission to travel.” Prosecutors had… — Wu Blockchain (@WuBlockchain) December 30, 2023 This decision comes just three weeks after Judge Jones reversed an earlier verdict permitting Zhao to journey back to the United Arab Emirates ahead of his sentencing in February. The former Binance boss, possessing significant assets and ties to countries without U.S. extradition agreements, presents a potential flight risk, according to federal prosecutors. Changpeng Zhao’s net worth increased by $25b  Despite Zhao posting a record $175 million bond, Judge Jones expressed concerns that Zhao’s substantial wealth could motivate him to forfeit the bond and seek refuge outside the U.S.  This bond is unprecedented, even for someone with Zhao’s net worth. According to reports, Zhao’s net worth grew by about $25 billion in 2023, even as his company, the world’s biggest crypto exchange by transaction volume, came against regulatory headwinds in the U.S. The former Binance CEO’s net worth, majorly denominated in cryptocurrencies, surged in tandem with the market’s recovery from a lengthy bear run precipitated by the collapse of Sam Bankman-Fried’s FTX exchange in November 2022. Zhao, who surrendered his position as Binance CEO as part of his plea agreement, willingly returned to the…

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Filed under: News - @ December 31, 2023 1:10 am